Do image ads pay more?

Do they pay significantly more?

generally, they pay 'differently'.

most image ads are served in CPM method, not CPC.

I increased my CTR by using them. 2 Blocks with text/image ads close to each other. If one of the ads is an image, then the user's eyes will be attracted to the ad unit. That way they might click on the ad next to it or on the picture itself.

I recommend you using both text and image ads. However, test it yourself, different sites, different methods.

Regards,
Hendricius

I have tested both methods, text only and then image ads only. Even the returning users seem to find the image ads more appealing, but some say that they get the same image ad over and over. In the end, I enabled both.

I really only use text ads on all my sites.. I think I have one image ad on our 404 page, but text for everything else.